While growth stock TSLA has dropped down to 2020 levels (-61% YOY), heritage brands weather the volatility a bit better. General Motors is down 35% YOY but generally moving sideways and may be a safer bet.General Motors makes Buicks, Cadillacs, Chevrolets, GMCs as well as vehicles under the Holden, Baojun, and Wuling brands. Known for being reliable, they are a go-to for automotive-dependent businesses such as daily rental car companies, commercial fleet customers, leasing companies, and governments.The company has recently been making headlines with its push into EVGM Grew EV sales nearly 60% in 2022 (Source: Barrons)Partnership with Domino’s Pizza to lease 800 custom branded 2023 Chevy Bolts (Source: Forbes)GM expects EV profits to match ICE in 2025, several years ahead of previous estimates (Source: CNBC)Even though Detroit-based GM is more than a century old (founded in 1908), their newest offerings include safety and security services, automatic crash response, roadside/crisis/emergency assistance, navigation, remote control applications. They are also developing self-driving technology, and a highly anticipated electric pickup truck. Other areas of business are vehicle financing (through GM Financial) and subscription services in their app ecosystem. They also re-instated dividend payouts last year, adding to investor interest.Technicals: GM has a couple of indicators going for it, a bullish flag, double bottom, some previous consolidation into a falling wedge. But is the gap down a good dip or a harbinger of worse to come? (see chart)Trade idea: Use a defined outcome strategy to capture up to 18% profit (12% annualized) but also have some downside protection as long as GM stays above $28 at maturity (a 22% drop from current prices).Buy 1 $35 call, Sell 1 $40 call, Sell 1 $28 put, all expiring 6/21/24Capital required to secure short put: $2798
